Entrepreneurship
Chapter Exam Questions
Course Introduction
Entrepreneurship explores the process of identifying, evaluating, and pursuing opportunities to create and grow new ventures. The course examines the essential skills and mindsets required for entrepreneurial success, including creativity, innovation, risk assessment, and resource management. Students will learn about business model development, market analysis, funding strategies, and effective team building through case studies and practical projects. By the end of the course, participants will have a comprehensive understanding of how entrepreneurs launch and scale businesses in various environments, as well as the societal and economic impacts of entrepreneurship.
Recommended Textbook
Project Management Achieving Competitive Advantage 5th Edition by Jeffrey K. Pinto
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Page 2
Chapter 1: Introduction: Why Project Management
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Q1) Most effective project maturity models chart both a set of standards that are currently accepted as state-of-the-art as well as a process for achieving significant movement towards these benchmarks.
A)True
B)False
Answer: True
Q2) The Atkinson model considers which of these benefits is being accrued by the organization if a project is successful?
A)Information quality
B)Validity
C)Satisfied users
D)Increased profits
Answer: D
Q3) The amount of corporate investment is typically at its lowest in the:
A)Conceptualization phase.
B)Planning phase.
C)Execution phase.
D)Termination phase.
Answer: A
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Page 3
Chapter 2: The Organizational Context: Strategy, Structure, and Culture
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Q1) Define the term stakeholder and discuss the major groups of stakeholders.
Answer: Stakeholders are defined as all individuals or groups who have an active stake in the project and can potentially impact,either positively or negatively,its development.Internal and external are the broad categories of stakeholder groups.Internal stakeholders include top management,project team members,and other functional managers,among others.External stakeholder groups include clients,competitors,suppliers,and intervenor groups.
Q2) The weather station model performs the invaluable function of:
A)Keeping an eye on project status without influencing the project.
B)Establishing standards for managing projects.
C)Enforcing the adherence to accepted protocols for project management.
D)Improving the current state of project management procedures.
Answer: A
Q3) A dual hierarchy is the salient feature of a:
A)Project structure.
B)Matrix structure.
C)Functional structure.
D)Bi-modal structure.
Answer: B
Page 4
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Chapter 3: Project Selection and Portfolio Management
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Q1) What is the time value of money principle and how does it apply to project selection?
Answer: The time value of money principle suggests that money earned today is worth more than money expected in the future.Future money is expected to be worth less for two reasons: 1)the impact of inflation,and 2)the inability to invest the money.The time value of money principle may be applied to project selection as one criterion to ascertain which project will generate the greatest return on a company's investment.Projects that have a relatively certain return of greater sums of money would be preferred over projects that stand a chance of returning less money in today's dollars.
Q2) Successful project management firms rely on home runs and narrowly concentrated efforts since specialization creates name recognition and market share. A)True
B)False
Answer: False
Q3) Personnel costs comprise one of the highest sources of project expense. A)True
B)False
Answer: True
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Chapter 4: Leadership and the Project Manager
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Q1) Champions bring a great deal of energy and emotional commitment to their project ideas,but:
A)Most organizations have an oversupply of this.
B)Cannot effectively be the manager of a project.
C)Often refuse to give up on a project that has completely failed.
D)Must spend an equal amount of time and effort discouraging other projects that compete for the same resources.
Q2) A project manager who selects a subcontractor who placed a bid for his project because that subcontractor is his wife's cousin is an example of nepotism.
A)True
B)False
Q3) Providing the needed motivation for the project team is a nontraditional duty of a project champion.
A)True
B)False
Q4) The authors draw a contrast between having a vision and fighting fires.Briefly describe these skills within the context of project management and support your position that one skill is more important than the other for a project manager.
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Page 6
Chapter 5: Scope Management
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Q1) The costs attached to subdeliverables:
A)Are the summary of the work packages that support it.
B)Are called phantom costs.
C)Should be subtracted directly from deliverable costs.
D)Are not recoverable unless explicitly stated in the work breakdown structure.
Q2) What are work breakdown structure elements that must be completed to conclude the project deliverables?
A)Activities
B)Tasks
C)Work packages
D)Milestones
Q3) What is work authorization?
Q4) Develop a responsibility assignment matrix for your semester project.Provide a brief (two or three sentence)description of your project and its current state.
Q5) Sustainability is focused solely on the long-term.
A)True
B)False
Q6) Create a 4×4 responsibility assignment matrix as an example and indicate the information gleaned from this tool.
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Chapter 6: Project Team Building, Conflict, and Negotiation
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Q1) What is conflict and what three forms does it take?
Q2) Which of the following phenomena would be most likely to occur if the project team did NOT have clear and commonly understood project goals?
A)The motivation level of team members would increase.
B)Conflict among team members would increase.
C)The level of trust among team members would increase.
D)The interdependency among team members would increase.
Q3) The BEST source of troubleshooting for problems is the:
A)Project team.
B)Project manager.
C)Project customer.
D)Project champion.
Q4) Which of these questions is important to consider as you enter a negotiation?
A)What if I lose?
B)How much power do I have?
C)How much money do I have?
D)Am I smarter than my opponent?
Q5) What are virtual teams and what are two potential problems with using them? How can these problems be avoided?
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Chapter 7: Risk Management
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Questions
Q1) The overall consequence of failure was 0.4 and curiously enough,the consequence of performance is twice that of reliability;the consequence of reliability is twice that of schedule;and the consequence of schedule is twice that of cost.What is the consequence of failure cost?
A)0.091
B)0.107
C)0.123
D)0.136
Q2) A project team assigns probabilities of 0.1,0.2,and 0.4 respectively to the maturity,complexity,and dependency categories.The probability of failure can be calculated as:
A)0.23.
B)0.33.
C)0.65.
D)0.70.
Q3) What are the four distinct stages of systematic risk management and what takes place at each?
Q4) What are the four alternatives a project organization can adopt in deciding how to address their risks? What are the advantages and disadvantages of each? Which is best and why?
Page 9
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Chapter 8: Cost Estimation and Budgeting
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Q1) Which of these indirect costs is typically classified as an overhead cost?
A)Advertising
B)Shipping
C)Sales commissions
D)Taxes
Q2) Workers paid $15.00 per hour with an overhead charge of 1.45 and a personal time allowance of 1.15,have what total direct labor cost for an 8-hour work day?
A)$151.30
B)$174.00
C)$200.10
D)$236.80
Q3) Provide examples and discuss the differences between direct and indirect costs.
Q4) An allocation of extra funds to cover uncertainties and improve chances that the project can be completed within the timeframe originally specified is a:
A)Setback.
B)Budget contingency.
C)Reallocation budget.
D)Reserve line budget.
Q5) What are the major issues with cost estimation of software projects?
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Chapter 9: Project Scheduling: Networks, Duration
Estimation, and Critical Path
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Q1) A sequence of activities defined by the project network logic is a(n): A)Event.
B)Path.
C)Node.
D)Route.
Q2) Hammock activities break a task into greater levels of detail so that each task is represented as two or more subtasks that each have their own duration and precedence requirements.
A)True
B)False
Q3) In assigning a value for the most pessimistic (b)duration,the project manager should estimate the duration of the activity to have a 99% likelihood that it will take b or less amount of time.
A)True
B)False
Q4) A merge activity has two or more immediate predecessors.
A)True
B)False
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Q5) What is the background of CPM and PERT? What are the differences between the two techniques?
Chapter 10: Project Scheduling: Lagging, Crashing, and Activity Networks
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Q1) An activity performed by a subcontractor is scheduled for 20 weeks at an anticipated cost of $100,000.Due to slippage on the critical path you need to reduce this activity by three weeks.If the subcontractor informs you that the activity can be completed in 16 weeks for $200,000,what is the slope for the activity?
A)$5,000 per week
B)$33,333 per week
C)$25,000 per week
D)$12,500 per week
Q2) What is the late finish for activity D in the network shown in the diagram?
A)15
B)16
C)17
D)18
Q3) AON networks have an advantage over AOA networks:
A)If the project under study is complex.
B)Because they don't need dummy activities.
C)In the construction industry because they are the norm.
D)When it is critical to highlight milestones.
Q4) What are the strengths and weaknesses of AOA and AON techniques?
Page 12
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Chapter 11: Advanced Topics in Planning and Scheduling:
Agile and Critical Chain
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Q1) Your boss catches you at the water cooler one morning and assigns you an important task-to remove all the constraints from your project using the Theory of Constraints (TOC)five step process.What should your response be to your boss?
Q2) Goldratt's solution to the variables involved in project scheduling involves the aggregation,or collectivizing,of all project risk in the form of uncertain duration estimates and completion times.Provide practical examples of how this aggregation works to the benefit of the overall project.
Q3) A feeder buffer is a buffer that is created for a non-critical path activity.
A)True
B)False
Q4) The one element that Agile shares with traditional project management in a software development environment is that all testing is done at the very end of the project.
A)True B)False
Q5) The critical chain is usually the same as the critical path.
A)True
B)False
Q6) What are the formal steps to apply CCPM to multiple project portfolios?
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Chapter 12: Resource Management
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Q1) Use the information in the table and assume that a worker is expected to devote half-time (four hours per day)to this project with work taking place on a 5-day-per-week basis.Which week has the highest resource usage? \[\begin{array} { | l | l | l |}
\hline \text { Activity } & \text { Duration } & \text { Predecessor } \\
\hline \text { A } & 5 \text { days } & - \\
\hline B & 4 \text { days } & \text { A } \\
\hline C & 5 \text { days } & \text { A } \\
\hline \mathrm { D } & 6 \text { days } & B \\
\hline E & 6 \text { days } & C , D \\
\hline F & 6 \text { days } & E \\
\hline \end{array}\]
A)Week 6
B)Week 2
C)Week 4
D)Week 3
Q2) What are any four heuristics for prioritizing resource allocation to activities? Why would a project manager choose one above another?
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Chapter 13: Project Evaluation and Control
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Q1) Use the data to calculate the earned value for the project.All amounts are in thousands of dollars.
A)$65,500
B)$69,550
C)$71,100
D)$76,125
Q2) During the ________ stage of the EVM flow at Northrop Grumman,performance is measured,schedules are updated,and all significant variances are identified and reported.
A)contract award
B)proposal
C)baseline
D)maintenance phase
Q3) A measurement process that determines the project goals and then the degree to which the actual performance lives up to these goals is:
A)A metric system.
B)Goal-performance linkage.
C)Five degrees of separation.
D)Gap analysis.
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Page 15
Chapter 14: Project Closeout and Termination
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Q1) The emeritus physics professor taught at the university for forty years and had built quite a following in the community and an enviable LinkedIn network of alumni donors.The university was loath to ask him to retire,so they set up a lab where he could pursue his two passions,a perpetual motion machine and cold fusion,either of which would solve the world's energy problems.As the years passed,the budget was held constant and suffered due to the rise in prices for perpetual motion machine parts.Cold fusion material certainly wasn't getting any cheaper either,and it was evident to all the other physicists that the project was subjected to termination by:
A)Extinction.
B)Integration.
C)Starvation.
D)Addition.
Q2) Which of these project closeout management steps requires objectivity,internal consistency,fairness,and replicability?
A)Disband the team
B)Finish the work
C)Gain acceptance for the product
D)Review how it all went
Q3) What are any two common mistakes in a post-project lessons-learned meeting?
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Page 16